The U.S. Treasury Department announced that by leveraging artificial intelligence and machine learning, it prevented over $4 billion in fraud and improper payments in the fiscal year 2024.
The U.S. Treasury Department announced that by leveraging artificial intelligence and machine learning, it prevented over $4 billion in fraud and improper payments in the fiscal year 2024. This includes preventing $500 million in losses through risk-based screening, stopping $2.5 billion in high-risk transaction fraud, and recovering $1 billion related to check fraud. This achievement comes as online fraud is projected to reach $362 billion by 2028.
Source: cryptoslate.com
